In a rare video call last week between U.S. President Joe Biden and SK Hynix chief Chey Tae-won, the South Korean business mogul pledged some $22 billion to expand high-tech investment in the U.S.

“This is the big deal,” Biden said, praising Chey for helping create thousands of American jobs in semiconductors, pharmaceuticals, electric cars and energy storage. SK follows competitor Samsung’s $17 billion investment in Texas to build an advanced chip factory there.